Bus Eireann said in a statement: “The financial situation at Bus Éireann remains critical, with the company facing insolvency by May.

“To facilitate meaningful discussions with unions, Bus Éireann management have today accepted a new invitation by the WRC to seek a solution.

“We will therefore defer the implementation of changes announced in our recent letter to staff, due to commence on Monday 6th March, while talks continue.

The company had announced a series of cost saving measures to prevent being declared insolvent by May.

General Secretary Dermot O’Leary said the union had “in deference to the Workplace Relations Commission” deferred its planned work stoppage as the company had also agreed it would not impose payroll cuts.

The NBRU had previously warned members to prepare for “the mother of all public transport disputes” as Bus Eireann management announced plans to save €30million in costs.